Sfio

NEW DELHI: Cases of corporate frauds and malfeasance currently under investigation could be transferred to the Serious Fraud Investigation Office, DCA secretary Vinod Dhall said on Tuesday. Mr Dhall said "there was nothing stopping the government" from transferring a case under investigation for violations of corporate laws and other Acts to the SFIO. The Office is allowed to take up for investigation only those cases that are referred to it by the DCA.

NEW DELHI: Government will soon start prosecution proceedings in the Rs 700 crore SpeakAsia online scam and the Serious Fraud Investigation Office (SFIO) has completed its probe into the case, Finance Minister Arun Jaitley said today. About Rs 700 crore worth funds were defrauded by the Singapore-based company and "we are in the process of filing prosecution in the case," he said during the Question Hour. The alleged...

HYDERABAD: The Serious Fraud Investigation Office (SFIO) has found that Ramalinga Raju floated about 325 companies to carry out various transactions. The fresh list has more companies than the initial projection made by the I-T department, according to which Raju had promoted 275 companies. The SFIO has now ordered the Registrar of Stamps and Properties to examine all land transactions pertaining to the 325 companies. The investigating agency has also asked the registrar to submit a...

NEW DELHI: The Serious Fraud Investigation Office (SFIO) has found clear indications that Satyam Computer Services diverted part of its foreign earnings even before they reached the country, a government official said. According to SFIO, Satyam diverted part of its foreign earnings to tax havens like Mauritius before routing it back to Maytas Infra and other entities owned by founder and former chairman B Ramalinga Raju and his relatives, a senior...

NEW DELHI: The Ministry of Corporate Affairs has shelved a proposed early warning system to detect frauds at companies following "unsatisfactory results" and continues to analyse filings to check for non-compliance. "The Ministry had tested an early warning system, developed in-house, during the year 2013-14. This system was dropped on account of unsatisfactory results," Corporate Affairs Minister Arun Jaitley said in a written...

NEW DELHI: Government has ordered Serious Fraud Investigation Office (SFIO) to begin prosecution against three e-marketing or direct selling companies for allegedly running fraudulent schemes. Besides, investigations by SFIO are underway in case of two other companies -- Speakasia Online Pvt Ltd and Unipay2U group , Parliament was informed today. "As reported by SFIO under Ministry of Corporate Affairs, government has...

NEW DELHI: Independent directors of Satyam were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded. The over 14,000-page report submitted to the government, marking the end of three month-long investigation, the probe agency of the Corporate Affairs Ministry said four independent directors of the company were questioned in connection with the scam.

HYDERABAD: The lower court in Hyderabad on Saturday permitted the Serious Fraud Investigation Office (SFIO) and the Institute of Chartered Accountants of India (ICAI) to question B Ramalinga Raju, the disgraced founder of Satyam Computer Services in the Rs 7,000 crore scam. Besides Raju, the SFIO will question four other accused in the case including Raju's brother Rama Raju, their former chief financial officer (CFO) Srinivas Vadlamani, and the two Price Waterhouse auditors for six...

CHENNAI: Corporate fraud investigating body SFIO has started a probe into cash-strapped retail chain Subhiksha Trading Services' financials, as part of a complaint lodged ICICI Ventures. "The SFIO has started its inquiry..and they are doing it.. ", Ministry of Corporate Affairs Secretary R Bandyopadhyay said here. ICICI Ventures , one of the investors in Subhiksha, had earlier raised questions about the retailer's financials following which the...

NEW DELHI: The Serious Fraud Investigation Office (SFIO) is looking into various cases of the companies' liquidation, to ascertain whether any financial irregularity has taken place at the entities being wound up. SFIO, a multi-disciplinary organisation under the Ministry of Corporate Affairs with mandate to probe serious financial frauds, is looking into the company liquidation cases at the request of official liquidators and high courts...

NEW DELHI: The Government is considering to set up a permanent cadre for the corporate fraud investigating body SFIO, a move that will enhance the efficiency of the organisation that probed the multi-crore Satyam fraud despite several limitations. The matter is under consideration of Corporate Affairs Minister Salman Khurshid , a senior official told PTI, adding that the Serious Fraud of Investigation Office had earlier written to the MCA seeking creation of permanent...

NEW DELHI: Government today said as much as Rs 2,394 crore of investors' money that was collected through ponzi schemes by the West Bengal-based Saradha Group is yet to be recovered. As per the investigation report submitted by the Serious Fraud Investigation Office (SFIO), the Saradha Group of companies had mobilised Rs 2,459 crore through various schemes during the period financial year 2008-09 to April 2013. "...out of this amount,...

NEW DELHI: Active coordination among various agencies like RBI, SFIO, CBI and ED should be facilitated under Finance Ministry to deal with the menace of black money, a parliamentary panel said today. To curb generation of unaccounted money in the first place, a multi-pronged and balanced approach comprising of policy, legislative as well as enforcement measures needs to be adopted in the long run, said the Standing Committee on Finance in its report...

HYDERABAD: A special court for economic offences in Hyderabad sentenced Satyam Computer founder Ramalinga Raju and his younger brother in India's largest accounting fraud to six months of jail each in four cases and ordered a penalty of Rs 5 lakh each in two cases. This is one of the cases related to the Satyam Computer accounting fraud. Announcing the judgement in cases filed by the Serious Fraud Investigation Office (SFIO), judge M Lakshman provided relief...

NEW DELHI: As many as 17 firms have been probed by the government's investigation arm SFIO for corporate frauds in the current fiscal so far. With this, a total of 81 companies have been probed for corporate frauds by the Serious Fraud Investigation Office (SFIO) since 2011-12. SFIO investigated 20 companies in 2011-12 and 22 firms each in 2012-13 and 2013-14 for alleged corporate frauds, Corporate Affairs Minister Arun Jaitley said in a...

NEW DELHI: Government will start prosecuting proceedings against 14 firms, which fall under the category of chit fund companies, for violating the company law . The government would also share details of its findings with respect top these companies with the Central Bureau of Investigations (CBI). "Central government has...interalia investigated affairs of 14 companies falling in the category of the so called 'Chit Fund Companies' for...

NEW DELHI: The Serious Fraud Investigation Office (SFIO) on Monday filed a case against accused Ramalinga Raju and others in the Satyam case before a Hyderabad court. The government has asked the investigating agency SFIO to initiate prosecution proceedings against those involved in Satyam accounting fraud and partners of Price Waterhouse, the auditors of the IT company. "SFIO today (on Monday) filed complaint petition before a special magistrate judge for economic offences in...

NEW DELHI: As a multi-agency probe continues in Saradha scam, findings of one official investigation suggests that the group floated at least 279 companies to channelise money collected from gullible investors as part of a vast 'ponzi' network. Most of these firms have been found to be 'inoperational' and were utilised for the sole purpose of multi-routing of funds to hide the money trail, while close to Rs 2,500 crore were raised by just four companies. The probe,...

NEW DELHI: In one of the biggest ponzi schemes, Saradha group had duped nearly 27 lakh investors in 14 states of Rs 2,500 crore, an official investigation has found, while recommending CBI probe against top executives, a West Bengal minister and police officers, among others. Besides, further investigations by Income Tax Department, Ministry of Corporate Affairs and Enforcement Directorate, among other agencies, have been recommended by the Serious Fraud...